Corporations Amendment (Insolvency) Act 2007 (132 of 2007)
Schedule 1 Improving outcomes for creditors
Part 2 Better informing creditor decisions
Corporations Act 2001
25 Subsection 449E(1)
Repeal the subsection, substitute:
(1) The administrator of a company under administration is entitled to receive such remuneration as is determined:
(a) by agreement between the administrator and the committee of creditors (if any); or
(b) by resolution of the company's creditors; or
(c) if there is no such agreement or resolution - by the Court.
(1A) The administrator of a company under a deed of company arrangement is entitled to receive such remuneration as is determined:
(a) by agreement between the administrator and the committee of inspection (if any); or
(b) by resolution of the company's creditors; or
(c) if there is no such agreement or resolution - by the Court.
(1B) To be effective, a resolution under paragraph (1)(b) or (1A)(b) must deal exclusively with remuneration of the administrator.
Note: This means that the resolution must not be bundled with any other resolution.
(1C) The Court may determine remuneration under paragraph (1)(c) even if:
(a) there has been no meeting of the committee of creditors; or
(b) there has been no meeting of the company's creditors.
(1D) The Court may determine remuneration under paragraph (1A)(c) even if:
(a) there has been no meeting of the committee of inspection; or
(b) there has been no meeting of the company's creditors.